Word: debts
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Harvard sold $1.5 billion in debt last Friday and plans to offer at least $600 million more in an effort to raise available cash following its endowment’s largest decline in recent history, the Wall Street Journal reported this weekend...
Proceeds from the sale will allow Harvard to push back payments for outstanding debt and provide more cash to meet the demands of University budgets without selling the endowment’s other holdings at depressed prices...
...University’s debt receives the highest ratings available from leading rating agencies Moody’s and Standard & Poor’s—a fact that allows it to borrow at a lower rate. A prospectus for one of the bond sales obtained by The Crimson said Harvard expected the new debt to receive the same high ratings...
...that last comment, some observers saw an implied threat: if the Chinese, who are massive buyers of U.S. Treasury debt, took their money and went home, the repercussions for America would be catastrophic. At a moment when the already large U.S. budget deficit is poised to skyrocket, thanks to the various bailouts and stimulus packages Washington has passed to cope with the economic crisis, a pullout of Chinese assets would send interest rates soaring, and a deepening recession could become something worse...
...Advisers, noted puckishly in the New York Times that he has children, whereas John Maynard Keynes--the intellectual godfather of the idea that government spending can jolt you out of a recession--did not. But even Mankiw doesn't actually oppose the idea of burdening the children with more debt. (See pictures of the recession...